2025 was an active year for Lovell Minnick Partners ("LMP"), marked by deal generation, strong execution, and firm growth. Throughout the year, our team remained focused on identifying high-quality investment opportunities, leveraging our thematic, campaign-driven sourcing approach, and emphasizing our strong right to win.
We’ve appreciated the opportunity to collaborate with portfolio company leadership teams throughout 2025, accelerating growth and development through our repeatable value creation approach. We are grateful for the continued trust and partnership from our investors and management teams, and we’re looking forward to building on the year’s strong momentum in 2026!
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PENDING/COMPLETE PORTFOLIO COMPANY REALIZATIONS (2)
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ACTIVE PORTFOLIO COMPANIES
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TOTAL GROSS PROCEEDS
RECEIVED + PENDING (2)
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NEW ADVISORY COUNCIL MEMBERS /
NEW LMP TEAM MEMBERS
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BABIES, WEDDINGS, ENGAGEMENTS
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$6.0B+ Committed Capital Since Inception(2),(3)
$1.7B+ Coinvest Capital Raised Since Inception
56 Portfolio Companies Since Inception
235+ Add-On Acquisitions Since Inception
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LETTER FROM MANAGING PARTNERS
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As we reflect on the past year, 2025 marked another period of meaningful progress for LMP. Building on the foundation of our 25th anniversary in 2024, we continued to strengthen our platform, enhance our sector knowledge, and pursue opportunities aligned with our long-standing investment philosophy.
This year brought a number of significant achievements across our portfolio. We advanced our commitment to partnering with high-growth, middle-market companies through several new investments, including the strategic combination of Merchant Industry and Valor Paytech, the recapitalization of Fortis, and the investment in Broadstone, offering co-investment on all three opportunities. Each of these partnerships reflect our disciplined approach to identifying high-potential businesses and accelerating their next phase of growth.
In addition, we completed 23 add-on acquisitions, adding over $300 million in enterprise value to the existing portfolio, highlighting our ability to execute strategically in support of platform expansion and scale.
LMP also signed a transaction agreement to move SRS Acquiom into a single-asset continuation vehicle in July 2025, with a final closing expected to occur in January 2026.(2) Alongside our recapitalization of Fortis, this reflects our commitment to delivering consistent realizations despite the muted private equity exit environment.
We remain deeply focused on value creation, a core tenet of our approach that continues to evolve alongside shifting market dynamics. In 2025, we further strengthened this capability with the addition of John Mathew as Vice President of Value Creation, reinforcing our commitment to building scalable businesses.
In pursuit of this focus, we continue to meaningfully invest in the resources we bring to our portfolio companies. In 2025, we were pleased to welcome Jesse Johnson, Andrew Ralich, Andrew Ramos, Phil Vasan, Padman Perumal, and Steve Braverman to our Advisory Council network.(4) Their deep experience and industry insight expand our capabilities and enhance our ability to support portfolio companies as they navigate growth and innovation.
In a year marked by both opportunity and challenge, we remained anchored in returning capital and continued disciplined investing. As we look to 2026 and beyond, we are encouraged by the opportunities ahead and enter the year with a clear strategic vision and sincere appreciation for your continued partnership and support.
All our best,
Steve Pierson and Bob Belke
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PORTFOLIO COMPANY COMMENTARY(5)
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“LMP is the right partner for us as we enter this transformational phase where the business matures and scales beyond its current capabilities. ”
– Leo Vartanov, Executive Chairman, Merchant Industry + Valor
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"LMP has been a tremendous partner over the past five years who intimately understands the financial services and payments landscape.”
– Greg Cohen, CEO, Fortis
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The portfolio company executives were not compensated for providing such statements, but received compensation in connection with their portfolio company roles, and in some cases are investors in funds sponsored by LMP.
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2025 PORTFOLIO COMPANY PLATFORMS
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3 Platform Investments including 1 Recapitalization
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Click here to learn more.
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Click here to learn more.
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2025 PORTFOLIO COMPANY ADD-ONS
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23 Portfolio Company Add-ons
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ACU-Serve acquired:
- Tanyr Healthcare
- Pinnacle Revenue Management
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Americana Partners acquired:
- Boulevard Family Wealth
- Teams from Morgan Stanley
- Palmer Moldawer
- Mark Monroe
- Goodpasture Gray
- Americana Partners International LLC
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Attom Data Solutions acquired:
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Broadstone acquired:
- ExactVal
- Railpen TPA Division Carevout
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Cohen & Co. acquired:
- Tax & Wealth Management
- Tassi & Co.
- Gioffre & Company, LLP
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Definiti acquired:
- Qualified Plan Administrators
- Estate and Pensions
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Inside Real Estate acquired:
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Net at Work acquired:
- Advanced Solutions Consulting
- Appsolute
- LLB Partners
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Warner Pacific acquired:
- Black, Gould & Associates Inc.
- Local Insurance Advisors
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2025 PORTFOLIO COMPANY REALIZATIONS
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2 Portfolio Company Complete / Pending Realizations (2)
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Our Partners' Perspectives in the Media
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We’ve enjoyed sharing our insights, perspectives, and news with industry leading publications:
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Portfolio Company Highlights
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Read on for some recent highlights from select portfolio companies here:
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In 2025, we continued to invest in the growth of our team, and we're pleased to build on that momentum with several well-deserved promotions in 2026.
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* Advisory Council Members are independent contractors that are advisors to Lovell Minnick Partners and portfolio companies of Lovell Minnick. They are not employees of Lovell Minnick entities.
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Each year, LMP convenes senior leaders from across our portfolio, Advisory Council, and our Investment Team for our Executive Summit, providing an opportunity to come together and exchange perspectives on the opportunities and dynamics shaping our businesses and the broader market. The 2025 Summit, held in Half Moon Bay, California, featured thoughtful discussions on investment strategy, sourcing, and value creation through a series of presentations, panels, and interactive roundtables. Click here to see more.
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Our team was thrilled to be together in California for our 2025 Team Offsite which included team activities, strategic presentations, and collaborative roundtable discussions delving deeper into our processes, value creation playbook, AI, and more.
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New York, February 2025
- Topic: Personal Wealth Management
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New York, April 2025
- Topic: Continuation Vehicles
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London, April 2025
- Topic: Personal Wealth Management
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In May, we were pleased to host our CHRO Forum in New York. We brought together senior HR leaders from across our portfolio to connect, collaborate, and align on the people strategies that drive value creation. Click here to see more.
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Technology Leadership Forum
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In November, we hosted our Technology Leadership Forum in Philadelphia, where we brought together technology leaders from across our portfolio to share insights and strengthen cross-portfolio collaboration on topics including leadership, practical approaches to operationalizing AI, market insights, and real-world innovation journeys.
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Connecting Around the Globe
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Throughout 2025, we hosted various events around the world bringing together investors. We are grateful to our partners and co-sponsors who helped make them possible.
- Networking Pop Up Drinks, London, April 2025
- LP/GP Dinner, Berlin, June 2025
- Women in PE Event, New York, September 2025
- Women in PE Event, Abu Dhabi, November 2025
- ILPA Kickoff Drinks Event, New York, November 2025
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While industry attention around large language models and generative AI accelerated rapidly beginning in 2023, LMP’s AI journey has been a longer-term, deliberate effort. We began investing in data, process standardization, and early AI exploration as far back as 2021, laying the groundwork for scalable adoption.
Over the past several years, we have defined core processes and playbooks that drive consistency across our investment and value creation activities. These standardized frameworks, combined with a purpose-built data infrastructure, now serve as critical inputs to our AI strategy.
We have made significant progress to date and remain focused on augmenting our team’s capabilities to allow them to focus on the activities that drive the highest value for our management teams and investors.
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Supporting Our Communities
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Each year we host our annual LMPhilanthropy Day, with our team volunteering in our local communities: volunteering at Beacon House in Los Angeles, mentoring students at City Squash in New York City, and volunteering at Chester County Food Bank in Pennsylvania.
In addition to LMP's employee-match program which supports staff charitable giving, the firm is proud to make year-end donations to organizations that work to improve our communities where we work and live.
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LMP became a signatory to the UNPRI and submitted its initial round of voluntary reporting.
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LMP is a private equity firm with over 25 years of experience partnering with growth-oriented companies. LMP leverages deep sector experience and a broad network of strategic advisors to help management teams scale their companies at an accelerated pace.
We collaborate with executive teams seeking to achieve long-term success and value creation through organic growth and strategic acquisitions. Since inception in 1999, Lovell Minnick has raised over $6.0(2) billion of committed capital, invested in more than 55 unique platform companies, and completed over 230 add-on acquisitions.
LMP targets growth-oriented, middle-market companies with a particular focus on companies in the financial services, business services, and financial technology sectors.
We'd be glad to talk with you further about our business or the industry. You can contact us here.
For more information on our firm and our strategy, please visit www.LMPartners.com.
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Endnotes and Important Disclosures
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Including one existing portfolio company recapitalization.
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As of 12/31/25, pro forma for sale of SRS Acquiom, a Fund IV portfolio company, to a single asset continuation vehicle managed by LMP (such fund, the “CV” and such transaction, the “CV Transaction”). The CV Transaction was signed in July 2025, and is expected to close in January 2026, subject to satisfaction of customary closing conditions.
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Includes $1.7B+ of co-invest capital as of 12/31/25.
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LMP’s Advisory Council members are independent contractors that serve as advisors to LMP and also provide consulting and other services to the Funds and their portfolio companies. Advisory Council members are expected to receive compensation for such services from LMP, the relevant portfolio company or otherwise directly from the relevant Fund.
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Leo Vartanov and Greg Cohen are on the leadership teams at Fund VI portfolio companies Merchant Industry + Valor and Fortis respectively. The quoted portfolio company executives did not receive any compensation or other benefit in exchange for providing such statements, although they receive compensation in connection with their roles as portfolio company executives. They are not current advisory clients of Lovell Minnick, but Mr. Cohen is an investor in funds sponsored by Lovell Minnick. Their relationship with Lovell Minnick has the potential to create a conflict of interest or otherwise influence the statements made by them about Lovell Minnick.
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The BluWave Top Private Equity Innovator Awards recognize the top 2% of private equity firms that differentially embrace proactive due diligence, transformative value creation, modern private equity firm operations and corporate citizenship practices. The 2023, 2024 and 2025 awards were released on 2/15/2023, 2/21/24, and 2/25/2025 respectively. Recipients were selected through a rigorous assessment in consultation with leading limited partners, investment bankers, and other thought leaders in the private equity ecosystem. BluWave, LP has not received investment capital from and holds no ownership interest in the PE firms evaluated or recognized under the Top Private Equity Innovator awards program. BluWave received no compensation from any of the PE firms in connection with this awards program. However, BluWave may otherwise provide services to the PE firms and/or their portfolio companies, but BluWave confirms that its assessment of the PE firms was independent of any such service arrangements. Top 2% in the PE industry is based on BluWave’s review of the more than 6,000 PE firms in the U.S. and Canada from which the 103 PE firms were selected as award recipients. For more information about the selection criteria and process, please visit: www.bluwave.net/awards
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The list was published by Wealth Solutions Report on 8/12/2025, and seeks to highlight private equity firms and capital providers to wealth management firms. Placement on the list is the opinion of the party compiling the list and not of Lovell Minnick. Lovell Minnick did not submit a nomination, pay a fee or other remuneration to be considered or for receiving this recognition.
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Lovell Minnick was included on Inc's Founder-Friendly Investor list in 2021, 2022, 2023, 2024, and 2025. The Founder-Friendly Investor list is announced annually by Inc. based on information from the previous year, and the 2025 list, released on October 28, 2025, recognizes 248 investment firms committed to supporting founder-led companies. Private equity firms that have exited U.S. based, founder-led portfolio companies are eligible to apply. To be considered for the list, all firms, including Lovell Minnick, must submit an application and pay an application fee. Inc. then surveys entrepreneurs who have sold their businesses to private equity and venture capital firms about their experiences partnering with the firm and gathers data on the growth of their companies during these partnerships. Winning firms are selected based upon their investments and founder references. For more information about the selection criteria and process, please visit https://www.inc.com/founder-friendly-investors/2025.
- Except where otherwise noted, figures presented herein are current through 12/31/25.
- The information in this newsletter should be held in strict confidence and not copied, shared or distributed to any third party without the express prior written consent of Lovell Minnick.
- Inclusions on lists, rankings or awards may not be representative of a particular investor’s experience or Lovell Minnick’s or its Funds’ future performance, and there is no guarantee that similar rankings or awards will be obtained by Lovell Minnick in the future.
- The content of this newsletter is for general, informational purposes. This newsletter is not an offer to sell nor a solicitation of an offer to purchase interests in any fund sponsored by Lovell Minnick or its affiliates. Offers and sales will be made only pursuant to confidential private placement memoranda, complete documentation of the relevant vehicle and in accordance with applicable securities laws.
- This newsletter includes information regarding Lovell Minnick Partners’ past and present portfolio companies, including the opinions of past and present Lovell Minnick and portfolio company personnel regarding Lovell Minnick’s partnering capabilities which are intended to be viewed by potential portfolio company executives. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to Lovell Minnick Partners’ past and present portfolio companies should not be construed as a recommendation of any particular investment or security. The portfolio companies listed should not be assumed to have been profitable. Any past performance information in the newsletter is not necessarily indicative, or a guarantee, of future results.
- The portfolio companies represented in this newsletter were chosen to illustrate Lovell Minnick’s investment experience and the processes and approaches used by Lovell Minnick in the past with respect to its portfolio companies and investment funds and does not purport to be a full list of investments by Lovell Minnick funds. A complete list of portfolio companies is available on Lovell Minnick’s website (www.LMPartners.com).
- Investments in private equity funds such as the Lovell Minnick funds are speculative and involve substantial risk of loss. No assurance can be given that a fund will achieve its investment objectives or avoid substantial losses. Information about any Lovell Minnick fund and investments made by such fund, including past performance of such funds and investments, is provided solely to illustrate Lovell Minnick’s investment experience, and processes and strategies used by Lovell Minnick in the past with respect to such funds. The performance information relating to Lovell Minnick’s previous investments is not intended to be indicative of a fund’s future results. Past performance is not necessarily indicative, or a guarantee, of future results. There can be no assurance that a fund will achieve comparable results as those presented or that investors in a fund will not lose any of their invested capital. Under no circumstances should these videos be construed as an offer to sell, or a solicitation to buy, any security or as opinions regarding the provision of investment advisory services by Lovell Minnick.
- These disclosures apply only to this newsletter and not to other websites that may be accessible from the newsletter and Lovell Minnick shall not be responsible for the content of any third-party website accessible from this newsletter. If you access any third-party website through this newsletter, you do so at your own risk, and we encourage you to review the privacy policies and user agreements of all other websites that you visit as such policies and agreements will govern your use of those websites.
- The inclusion of any third-party firm and/or company names, brands and/or logos does not imply any affiliation with such firms or companies. None of these firms or companies have endorsed LMP funds, or any entities or personnel thereof.
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Copyright © 2026 Lovell Minnick Partners All rights reserved.
Our Offices:
Philadelphia / 555 E. Lancaster Ave / Suite 510 / Radnor, PA 19087
Los Angeles / 1230 Rosecrans Avenue / Suite 300 / Manhattan Beach, CA 90266
New York / 1155 Ave of the Americas / Suite 2550 / New York, NY 10036
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